MONROVIA, Sept. 16 -- A new Central Bank of Liberia strategy meant to give Liberians access to credit, savings and insurance, not just mobile money, will depend on reforms to the national identification system, business registration and credit reporting, participants in a review of the draft have said.

Some of those reforms will require legislative approval, judicial reforms, government budgeting and private-sector investment, according to Lillian Best, a former central banker and co-lead of the financial inclusion pillar of the African Women Leaders Network. That puts much of the plan's success in the hands of institutions other than the CBL.

The draft National Financial Inclusion and Education Strategy was reviewed during a two-day va...